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tv   Maria Bartiromos Wall Street  FOX Business  July 15, 2022 7:00pm-7:30pm EDT

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you have a good weekend. click here to joe come back soon have a great weekend i am elizabeth macdonald foxbusiness that does it for us hope you have a good week and join us again monday at night. from the fox studios in new york city and back office. welcome to opposition to the week ahead i can. inflation continues back in the white house fix the economy almost by have zero business experience? steve moore coming up. plus democratic senator joe doing a major blow to his parties last ditch efforts for
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new taxes and spending for the climate agenda great tennessee senator bill hagerty is here with his response. to the grocery prices are better now? ceo is going to get worse pretty hotels with food possible look like any upcoming fall season. we have new data on out-of-control inflation. consumer prices in june the houston 41 years. wholesale inflation usually highest on record. gasoline prices, food, rent along with the decline in wages all christian consumers particularly the states with the highest inflation. swing state democrats are facing top midterm elections are starting to voice their own frustration with the administration lack of told me not to talk about his former former advisor steve moore for each of them it's great to see you for thank you so much for big this weekend. annie, let me get your take off
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the bat to make your assessment of the data we sound asleep i coming at 9.1% higher in year-over-year ppi about 11% from the reflecting what americans have been experiencing for months we are probably in a
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recession, very likely session. we think of 11.6 last march. nursing fulfill practice ethical and find its way to retail prices over the coming months. thanks yes with the inflation numbers in the slow economy, see if you have got to believe this solidifies the federal reserve raising interest rates 75 basis points when it meets in two weeks time july 27. how do you assess the week? >> the bed is in a tough issue. it waited way too long. i admit point on your show for many months the feds should have been raising rates much sooner. another job is a lot tougher. i agree with andy we are in a softer session already. and that we have to raise interest rates during the
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inflation rate down that that's when consulate pain and suffering. now i do think and is ready numbers in place are just terrible. but the last two or three weeks you do see a reduction in commodity prices but that indicates will see a gradual reduction in inflation. when you have the numbers this time, even bringing the numbers down to the fight or 6% range which is still really high is going to require the bed to take really urgent action. we will see at 75 basis points or 100. it may require a whole series of these rate hikes of the course of the next months. that was part of the economy for sure. yes, there is no way that inflation goes back to 2% overnight. i mean let's face it when joe biden walked into the oval office the cpi was at 1.4%. andy, you were taught by the consumer price index at 9.1%. but that does not include a lot of the essentials.
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fuel, fuel, and return the essentials in life. all of those things up in the double digits. you are talking about things like a dozen eggs. 32% year-over-year, much higher than the average of 9.1% increase resolve the cpi this week. quickset is devastating for families. they've been suffering through a real recession for number of months now. whether we are technically in a recession been a real recession for american families. are attempting to absorb these pricing increases but really can't. french, labor, or all surging at the same time. he found maybe if you run a restaurant beef prices might be up or maybe there's a push for labor prices might go up. right now everything is going up. again this is devastating for american businesses devastating
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for american families. >> the president keeps saying he's doing everything he can to a lower energy prices. of course he is not allowing what needs to happen. that is the united states become energy independent. but what is your take in terms of what they can do? biden's top officials have zero experience in business. you have analyzed the resumes of the officials in the administration. and you fight most of his economic team are lawyers, lobbyists, government employees. no business experience, steve. but yes it where are the people who actually know how to run a business? we have found that the majority at the top officials who work in the biden administration, the president and the cabot are really focusing on people deal with finance and commerce and business issues. we found that most of them not only are they not only run a business like andy, they've
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never even worked for a business. most of them estimate their whole career in academia or lawyers and so on. it is a real problem, maria. you don't have anyone who knows the real life applications that help to grow a business but how to meet a payroll for how to deal with logistical issues. i think that's one of the reason for the supply chain problems. after all, maria, but we did not have supply chain problems with the truck was president. biden has got -- but that he would ask me what to do i would say you have got to bring in someone. like a frank smith who ran that x. put them in charge of the economy. there is just a lack of not ideological problem but a lack of competence in this administration to deal with this crisis. >> after all, and encompasses the same provincials inflation is transitory for a year end a half. and in a recent op-ed he stated americans and got used to not
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working. i would rather live off pandemic welfare. also coming from this group that continues to push its climate change agenda. what is that going to the economy? >> i've actually wrote another article in the comments in the white house sd said really do not have the business experience, salary plus problem meatpackers, put on the oil company provides because they never again anyway. this is a collection of people who clearly should problem is they don't spring to keep trying to enact policies based on more
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government great difficult democratic reproach. if a problem that government creates government is. that is what's hurting the american people. and it is encouraging people not to work which hurts the supply chain. for too long. he should. job cuts, record low approval rating they're still pushing the agenda. if at all. talk with you both. this is reflected in the session, democrats are still pushing for higher taxes and more spending on the client with those plans nothing to be doomed next one. president biden saudi arabia begging for
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the political design. reevaluate the country faces to avoid steps that add fuel to the inflation fire. writes joe manson joined me right now is a member of the senate appropriations and committee bill hagerty. it's great to see you thank you so much for being here. likewise maria it's always good to be with you. let's what is going on in the senate there? you believe chuck schumer is
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going to but this tibetan final years he still trying to push through the climate agenda? why does he want texas to go? manchin pretty much said no. but will they take no for an answer? >> well it is amazing how far let the democratic party continues to push, and push for the click of a recession. chuck schumer seems to be completely tone deaf in this regard for consumer price index 9.1% this week, i mean inflation is out of control right now. it is accelerating, maria. think about where we are in terms of our economy we are at the precipice of a recession for this package would have just done everything to push it over but thankfully joe manchin is sober enough with any democrat parties that look we got to step back with us to be suicidal. does that mean chuck schumer. probably not for the going to have to trim it down the going to have to find something that's under manchin will agree too. the last thing you don't you head into a recession when the economy's in this of shape, raising taxes on job creators
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certainly do not need see anymore the green energy investment going on for the more regulations constraining oil supply at making our economy far, far worse with the pain of pompous and robust. that's at the time is slowing, elastic people is higher taxes. how significant are the tax increases? the reconciliation opportunity you think they'll be able to do something? >> are going to have to completely recalibrate because joe manchin is taken a big chunk out of this package that they wanted to show through. particularly how the going to pay for it right to pay for the somewhat more on the backs of americans in corporate texas who thanks paying the corporate taxes? it's a higher price is more inflation at one robust, less investment is going to occur as well. the supply chain problems are experiencing are not getting addressed. it is extremely troubling they are so detached from reality as they continue to push a step forward. it is a blessing i think if we can get this proposal to raise taxes off table right now.
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we can actually begin to refocus on what is driving inflation which largely has to do with constraining supply of oil and gas but until he very disappointed this week i had interior secretary : in front of me. the new consumer price index efforts just came out 9.1%. i asked her, at what point, how high gas prices that they get? how much paint as the american public at the field before they'll take their foot of the throat of the oil and gas industry here in america and begin to allow capacity to expand? to give us some relief? she would not commit at any level to do that. again the administration here is completely out to lunch. quickly ask you on the appropriations committee and i want to understand how much the covid relief package is actually been appropriated? what member of the budget on the house and told me the fact is the billions of dollars the state and the igniting of money inflation will stay elevated. we are not. we may feel over and over in july with the energy prices have
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come off the hive and cath peak focus of this because you're exactly right right. there is simply the highway. local governments have not state this raises inflation. the question is. saturday april rice state.
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the conversations i heard leadership there did not think those are correctly set the ground with important allies of lease conversation taking place far worse rice rights issues there. suddenly waking up to the reality that we didn't have to deal with our allies for the problem with dividing the station continue to press this ivory deal that makes no sense for america for that is going to be devastating for our allies. the fifth rate environment a circumstance make it very hard to make progress. we also have a great of great weakness. think about what work under president probably thought about america first president leading from far stronger position than adversaries. now is when cap a hand with a terribly public gas prices with a i think we are very tough situation and get my
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expectations about the type of work. it will be watching this trip. thanks very much. bill hagerty joining us. good to see you sir. alright little toxic. family food budgets are getting hit hard by inflation. and it's about to get worse. he will be here to explain. finding my way forward with node-positive breast cancer felt overwhelming at times. but i never just found my way, i made it. so when i finished active therapy, i kept moving forward and did everything i could to protect myself from recurrence.
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welcome back. the tumor cost for food spiking better than 10% in june compared to last year. my next method is going to continue to concrete the ceo of goya foods it joins me now, bob unanue. thank you so much for being here. these numbers are scary for you talk about the consumer price with the highest level in 41
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years. up in the last month producer price is also worse than expected for what you think this gets worse? >> we start a war on fossil fuel. it sent us into a tailspin. and it is going to get worse because the price of fertilizer has tripled for the price of diesel has doubled. and so for the former, cap other costs are that. so the cost are not yet baked into this new coming up. >> what can be done to reverse the situation your view? what should the administration be doing? >> first of all we should not have declared war on ourselves, on our own resources. we have to protect our resources. look at fertilizer. we were not producing fertilizer because it's cheaper to bring it in. but we depend on others, joe biden said on the campaign pay the going to put you in chains he put us in chains by going
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outside of this country or resources that we have within this country. there is more on fossil fuel has been very costly. we have fuel in the ground, transportation is free in the pipeline or in a truck. instead were going out and buying very expensive, dirty oil from countries like venezuela to ship them for our shipping costs have increased tenfold. from $1800 to $18000 for the transportation outside this country we are going to go by very expensive dirty fuel and ship it to this country when we have it here. we are going to work on our own resources reports from hired you think prices will go when you take a look at the next year or so? how much worse does this get to you think? >> and food and all that we confirm 8.629.3 and now 11%
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11.3. we are experienced about 16% inflation our levy of 2500 products. we represent companies like nestlé, quaker, other big brands. we bring food not only domestically, one corner of our belief is in beans which is grown domestically. but having to transport, having the cost of diesel and fertilizer go out out of sight is making things just blow up and like i said the new cost be coming out in september does not have in it. triple fertilizer, double diesel in the transportation. yes over the oil is going down right now because we are pulling out of the strategic reserve and things like that volume is down. course convey five or $6 a gallon for gasoline? it is ridiculous.
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i think inflation is under 2020 for our crop now just come 2022 is going to last until septembe. that is going to have much higher cost baked into it. we are in here for the long haul. when it's going to do 23 to change that. but the idea going to court from both the field killing his request bob good to catch up with you thank you very much for your quick thank you from you gutless. sorry bob unanue ceo of goya joining us. don't go anywhere after this. fs before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity.
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next step right here on foxbusiness. on foxbusiness field sunday morning futures as wife of the fox news cap exclusive interview with congressman ronnie jackson and texas congresswoman and
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arizona fully master split off from the eastern lifeboats on the fox news. right foxbusiness start smart every weekday from six -- eastern fort worth with maria. we are going at every weekday party hope day without weekday morning. i think great rest of the week in the first you so much for watching. i'll see you again next time. >> eloped with a suite on the street journal at large, inflation is a new five and joe fighting below. i was even, are democratically ready to ditch their leader? the mother presidency respite overseas. with a romp looking to go, saudi arabia and refusing them with oil connectio


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